Hamptons Mortgages has criticised lenders for pulling their 100% plus mortgages, saying they offered the only opportunity for struggling first time buyers to own their own home.
Jonathan Cornell, managing director of Hamptons Mortgages, says the inability of first time buyers to afford property will continue to weaken the UK’s housing market. Following the total withdrawal of 125% mortgage products in the UK, Cornell says: “In the light of the weakening housing market, lenders are pulling their 100%-plus LTV mortgages at a rate of knots. “It is a real shame to see so many products being removed from the market as in the current economic situation, these provided the only real hope for struggling first time buyers.” As average house prices are now far higher tha...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
